One aspect of the invention relates to an aerated water- continuous oil-and-water emulsion having an overrun in the range of 10-500%, said emulsion comprising: 5-90 wt.% of an oil phase; 10-95 wt.% of an aqueous phase; 0.3-30% by weight of the aqueous phase of one or more egg yolk granule proteins selected from high density lipoprotein (HDL) and phosvitin; and from 0.05 up to 10% by weight of the aqueous phase of one or more egg yolk plasma proteins selected from low density lipoprotein (LDL) and livetin; wherein the weight ratio of egg yolk granule proteins to egg yolk plasma proteins exceeds 1:1. The aerated emulsions according to the present invention can easily be produced at a high overrun. Furthermore, the foam structure of these emulsions remains surprisingly stable during shelf life.